today we do have news from lockheed martin, the pentagon's biggest contractor suggesting that actually sales this year will drop by more if the automatic spending cuts kick in and future years will also be materially affected. what is your view on the sector? >> well, right now, there's just a lot of fear but there has been for some time. so there might be a certain degree of recovery, realizing that it is bad but not the apocolypse that some people have painted it as and there is a good chance that some damage might be undone in that interim period. so while we don't like living in uncertainty and while there will be paying under almost any scenario, it certainly doesn't mean the end. there are definitely positives for this industry in the sector. >> which is the greatest threats. automatic spending can cuts or the fact that you have a president who is in his second term and therefore perhaps more able to cut spending programs that might hit particular cities or regions and a new defense secretary. >> you know, it is interesting. of course a lot of that is simply by events. obama didn